ISLAMABAD: Federal Minister for Finance Muhammad Aurangzeb on Tuesday emphasized greater representation of developing nations in global financial institutions while attending the G-24 Ministers and Governors Meeting in Washington, DC, according to an official statement.
Aurangzeb is currently in the US to attend the annual World Bank and International Monetary Fund (IMF) meetings, where global finance leaders have convened to address challenges such as sluggish international growth, managing debt distress and financing the transition to green energy.
The G-24 is an intergovernmental group established to coordinate the positions of developing countries on international monetary and financial matters. Pakistan has recently been appointed as the Second Vice Chair of the G-24 Bureau for the fiscal year 2024-25, a position that strengthens its influence in shaping global financial policies affecting developing countries.
“In his intervention, the Minister urged all development partners to work closely together to resolve the pressing issues of climate change, population growth and child stunting faced by developing countries especially Pakistan,” said a statement issued by the Finance Division.
“The Finance Minister also emphasized the need to address issues including high debt burdens on developing countries, need for climate action and greater representation of developing countries in the Bretton Woods institutions,” it added.
Aurangzeb held several meetings with his counterparts from other countries and representatives of international financial institutions, sharing details of the government’s economic reforms along with its plans to tap into global capital markets.
He had a fireside chat with Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, during which Pakistan’s shift from stabilization to sustainable growth through structural reforms was discussed.
The minister highlighted the policy actions taken by the government to restore economic stability, increase tax revenues, make taxation fairer and more efficient and address deep-seated structural distortions to guide the country toward growth.
He also met with a Citibank delegation, briefing them on the energy sector, “right-sizing” efforts within state institutions and outlining the long-term strategy for accessing capital markets.
